Riviera AD (Ривиера АД) (Bulgaria)

Riviera AD is the operator that manages the luxury resort Riviera on Bulgaria's northern Black Sea coast.
The resort, located 27 kilometres away from Varna International airport, used to be a residence of the country's former communist elite.
The number of overnights at the resort, which houses six hotels with just over 1,000 beds, totalled 137,260 in January – September 2005, up 7.0% year-on-year.
A 25% stake in Riviera was sold through the country's voucher privatisation programme in 1996-97 and the remaining 15% was sold at preferential terms to Riviera employees.
In January 1998, Bulgaria's Privatisation Agency sold a 60% stake in the resort to Riviera Management AD, which was formed by the resort's employees, for USD 11 million.
Under the contract, Riviera Management paid 10% of the price immediately, while the reminder of USD 9.9 million is to be paid in a nine-year period with one year grace period.
The buyer, later renamed into Aeks AD, pledged to invest another USD 4.0 million in the company over the next three years.
Aeks AD, which later expanded its stake to almost 97%, was controlled by Bulgaria's late tycoon Emil Kuylev.